TSMC's 2025 Shareholder Meeting: Wei Declares Rivals 'Dreaming' as 2nm Era Begins

The 2-Nanometer Era Begins, and It's Already Sold Out

The centerpiece of TSMC's technological narrative is its next-generation 2-nanometer (N2) process, which officially entered high-volume manufacturing in the fourth quarter of 2025 . Wei described the node as "another large and long-lasting node" during an earlier earnings call, indicating its strategic importance for years to come .

The new technology is ramping up simultaneously at fabs in Hsinchu and Kaohsiung, Taiwan, with production expansion so aggressive that capacity is forecast to climb at a 70% compound annual growth rate from 2026 to 2028 [19, 5]. Even with this rapid build-out, demand is outstripping supply. Industry sources report that TSMC’s existing 2nm fabs are fully booked through 2026, with Apple's next iPhone among the anchor customers securing early capacity .

To meet this demand, TSMC is planning significant physical expansion. It has shared plans with Taiwan's government to build three additional 2nm factories in the Southern Taiwan Science Park, moving from seven planned fabs to ten . Meanwhile, an accelerated build-out in Arizona will see 30% of 2nm and more advanced process capacity located in the U.S., with the second Arizona fab now expected to begin mass production several quarters earlier than originally planned .

Record Year Finances Fuel a Historic Spending Spree

Wei's strategic boasts were backed by stunning financials. He hailed 2025 as a record year, noting the company's stock price more than doubled from NT$950 to NT$2,425 per share, and cash dividends grew by over 30% .

To capitalize on what Wei called an "AI megatrend," the company is embarking on the most expensive expansion in its history . For 2026, TSMC is guiding capital expenditure toward the upper end of the US$52–56 billion range [7, 8]. Wei cautioned that even this historic spending—a roughly 30% jump from the US$40.9 billion spent in 2025—may still be insufficient to satisfy the "extremely strong" AI-driven demand [7, 14].

The bulk of this spending, about 70-80%, will be poured into advanced process technologies, with the remainder split between specialty technologies and advanced packaging, testing, and mask making . This reflects a supply chain where TSMC's advanced CoWoS packaging capacity is also "very tight and remains sold out through 2025 and into 2026" .

Looking forward, Wei guided full-year 2026 revenue growth to be above 30% in U.S. dollar terms . He also identified emerging growth drivers beyond the current AI boom, pointing to robotics and autonomous driving as major opportunities on the horizon .

'Best Wishes to Him': A Cool Response to Elon Musk

The competitive threats aren't limited to traditional chipmakers. In a notable exchange, a shareholder asked about reports that Elon Musk was planning to build a massive "TeraFab" chip facility to supply his own companies . Wei's response was brief and characteristically self-assured: "My only conclusion is to wish him well" .

He elaborated with a historical perspective that served as his thesis for the entire meeting. "We have never lacked competitors over the past nearly 40 years," Wei said. "We have always been a winner, and that will continue in the future" . The statement was a clear signal that whether its rival is a legacy chipmaker or the world's richest man, TSMC's strategy and confidence remain unshaken.